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Posted: Mon Mar 10, 2008 5:52 pm
by vad921
Received a letter today telling me that the interest on our F+ secured loan has gone down to 11.2% reducing the monthly payment by £63.97. I didn't see that coming!
Anyone else received anything similar or is the financial ombudsman looking into my complaint; primarily mis-selling of the PPI but I covered a lot of other stuff including the interest rate increases!
Posted: Mon Mar 10, 2008 5:54 pm
by janot
I had a letter saying our picture loan interest rate had gone down also.
Posted: Mon Mar 10, 2008 5:57 pm
by jane.l
I thought these secured loan rates never went down [:(!]
Posted: Mon Mar 10, 2008 10:34 pm
by vad921
jane.l wrote:
I thought these secured loan rates never went down [:(!]
A 1.1% cut. I suspect there must have been lots of complaints! I wrote to the FSA this morning re First Plus. F+ will love me!
Posted: Tue Mar 11, 2008 12:06 am
by Reviva UK
Really look forward to hearing how that goes - keep up updated please
Posted: Tue Mar 11, 2008 7:00 am
by caraf
Yes we had a letter from First Plus to say our repayments gone down !!! from 9.6% to 8.5%
We have already had an increase since our iva was approval.
Do we need to tell our IP now and just wait till review.
Posted: Tue Mar 11, 2008 7:43 am
by mum of 4
Firstplus and other lenders use the finance house base rate not the BOE rate (although the FHBR is ultimately based on the BOE rate). If the FHBR goes down as it just has then the likelihood is that the secured loan rate will also decrease!
Posted: Tue Mar 11, 2008 8:17 am
by vad921
mum of 4 wrote:
Firstplus and other lenders use the finance house base rate not the BOE rate (although the FHBR is ultimately based on the BOE rate). If the FHBR goes down as it just has then the likelihood is that the secured loan rate will also decrease!
I didn't realise that.
I will certainly keep everyone informed how my complaints go with both the FSA & Financial Ombudsman. I've never been more determined in my life!!
Posted: Tue Mar 11, 2008 11:35 am
by caraf
As our payment has gone down, do we need to tell IP or just leave it to review time ?
As we have had an increase as well since our IVA was approved
Posted: Tue Mar 11, 2008 11:43 am
by size5
As a general point, the majority of people don't realise that secured loan payments can go up and down, they are used to fixed repayments on unsecured loans so it can come as a nasty shock when it happens.
Posted: Tue Mar 11, 2008 1:10 pm
by Adam Davies
Caraf
I would wait until your review
Regards